Bitcoin News: Cathie Wood Strongly Supports Bitcoin Over Gold and Cash

Bitcoin in the Limelight
Bitcoin’s Remarkable Potential
Ark Invest’s Bold Prediction
Bitcoin’s True Strength
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Cathie Wood, the prominent founder and CEO of Ark Investment Management, recently expressed her strong support for Bitcoin during a discussion on Bloomberg’s “Merryn Talks Money” podcast. When asked to choose between gold, cash, or Bitcoin as a preferred ten-year investment, Wood unequivocally declared her preference for Bitcoin, asserting that it was her choice “without a doubt.”

Bitcoin in the Limelight

In a surprising move, Cathie Wood, the visionary CEO and founder of Ark Invest, championed Bitcoin (BTC) over traditional assets like cash and gold. Her resolute faith in Bitcoin came to the forefront during her recent appearance on Bloomberg’s “Merryn Talks Money” podcast. When posed with the question of which asset she would choose for a decade-long investment, Wood’s answer was crystal clear, “Bitcoin, without a doubt. Bitcoin serves as a hedge against both inflation and deflation—similar to gold. However, Bitcoin’s digital nature sets it apart. Gold already has established demand, but Bitcoin represents something new.”

Ark Invest CEO Cathie Wood on whether she'd rather hold Bitcoin or gold: "#Bitcoin. Hands down. Gold has had its demand. It's happened." 👏 pic.twitter.com/wSZcdxjCcp
— Bitcoin Magazine (@BitcoinMagazine) November 6, 2023

Bitcoin’s Remarkable Potential

Wood, a long-standing advocate of Bitcoin’s potential, had projected in September 2021, just before Bitcoin reached its peak value of $69,000, that it could potentially reach a staggering $500,000 within five years. She also shared her anticipation of the metaverse, foreseeing it as a burgeoning multi-trillion-dollar sector within the same timeframe. During the podcast conversation, Wood emphasized the early stage of institutional involvement in Bitcoin and the shift in asset preferences among younger generations. She remarked, “Institutions are only beginning to get involved, and young people strongly prefer holding Bitcoin over gold.

Ark Invest’s Bold Prediction

At Ark Invest, Wood’s team foresees a significant deflationary event on the horizon for the U.S. economy, which is grappling with various uncertainties. Wood stood by her perspective, asserting that “deflation” looms on the economic horizon, and signs of this deflation are already beginning to emerge. “We believe the current period more closely resembles the 1910s than the 1970s,” she noted during the podcast. Wood’s viewpoint starkly contrasts with the conventional belief that Bitcoin is primarily acquired as a hedge against inflation.

Bitcoin’s True Strength

“I don’t believe that inflation is the reason for Bitcoin’s rise. There’s no counterparty risk with Bitcoin—it operates on a fully transparent, decentralized network where everything happening on the network is visible,” she explained. “

In contrast, the inner workings of regional banks remain obscured, and one can only infer their activities as they lose deposits and have to raise funds by selling securities,” added the Ark Invest CEO. In addition to Bitcoin (BTC), the CEO of Ark Invest also delved into the topic of artificial intelligence (AI) and shared her insights on Tesla’s role in the evolving technological landscape.

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